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Gold is now consolidating above the $1,500 level, and strong price moves through technical levels and risks from Brexit, trade and economic weakness may support gold and gold stocks for a considerable period.
Gold’s current price level hints at a potentially longer, sustained rally. We believe this, along with the steps gold miners have taken to reduce costs and capital expenditures, make gold stocks an attractive opportunity.
Gold spent July consolidating its gains above the $1,400 level, as we appear to be approaching the potential end of several different long-term cycles that may lead to elevated risks.
After gold’s breakout, we expect it to consolidate around the $1,400 level before a new trend develops. Heading into 2020, we believe a hard landing across the markets cannot be ruled out, which may highlight gold’s safe haven behavior.
At the VanEck Natural Resources Conference 2019, Barrick Gold’s Mark Bristow and Royal Gold’s Tony Jensen shared their views on innovation and the ways it is evident in the gold industry.
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